Cadbury plc

NEW YORK — Hershey says it rejected a takeover offer from Oreo maker Mondelez that would bring some of the world's best known cookies and chocolates under one company.

The company confirmed it received a preliminary offer from Mondelez for a mix of cash and stock totaling $107 for each share of Hershey common stock. That would value the deal at roughly $22.3 billion, according to FactSet.

Following a review, Hershey said Thursday that its board determined the offer provided "no basis for further discussion." Any deal would be subject to the approval by the Hershey Trust, a controlling shareholder.

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